Vital4PEP

This first-of-its-kind solution is the most robust Politically Exposed Persons (“PEP”) product available today.

Vital4PEP is unique because source data is collected and structured to customize PEP profiles using automated workflows and algorithms that ensure the most extensive and accurate PEP data is produced when compared to any solution on the market.

PEPs are considered to pose an elevated risk due to the status and influence of the position they hold as it relates to corruption and bribery.

The Financial Action Task Force (FATF) is an independent multi-government body that creates policies and standards globally to protect against money laundering, counter-terrorist financing, and financing of weapons of mass destruction. FATF recognizes the process of performing Politically Exposed Persons checks on all third-party relationships as a best practice standard, while many global compliance regulations require it.

Additionally, various legislation around the globe require financial institutions to screen and identify customers and third-party relationships as PEP’s as a part of their CDD/KYC/AML screening program and in most cases, conduct ongoing monitoring of any identified relationships.

How FATF defines Politically Exposed Persons.

Foreign & Domestic PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.

Persons who are or have been entrusted with a prominent function by an international organization refers to members of senior management, i.e. directors, deputy directors and members of the board or equivalent functions.

Unrivaled accuracy through total automation. Other providers use human researchers to make important updates to PEP Profiles, this ensures the information is only as accurate as the person performing the task; this means data will be missed and therefore will not be reported.

Reduced cost. Manual updates to PEP Profiles is costly and that cost is passed on to clients. A fully automated solution such as Vital4PEP eliminates “human-touch” expense and that means the most competitive pricing available for our clients.

Enhanced PEP solutions. By coupling machine learning with Vital4’s proprietary solutions, our clients have instant access to PEP associations that would rarely be reported by other legacy providers.

Compliance assurance via continuous global updates. Existing industry leaders in this space rely on human research to create and update their PEP Profiles. This delays critical updates for days, weeks, months and even years at a time, leaving their clients with non-compliant results.

Undiscovered PEP profiles. Using our proprietary algorithms and processes to capture media and identify PEPs not readily available or published by foreign governments or common PEP sources on the web gives our clients the most comprehensive access to offices held all over the globe. The requirements for all types of PEP should also apply to family members or close associates.